This issue of the CAD features four articles that examine the economic and social consequences of low oil prices on Azerbaijan. The first article argues that the anti-crisis measures Baku is taking to buttress up its hard hit economy should also be accompanied by institutional and administrative reforms. The second piece then explores the country's transition from a fixed to a managed floating exchange regime and discusses the potentially stabilizing effects of certain monetary policy instruments on the Azerbaijani economy. The third article examines the central government's fiscal policies and their relationship to the severe cuts now occurring in government spending. Finally, last piece discusses the impact of lost oil rents on the government’s social-assistance policies and how the shortfalls might impact Azerbaijan’s social cohesion.